Yahoo and Microsoft jointly announced this morning that their July search deal to team up has received approvals from both the U.S. Justice Department and the European Commission. Now Yahoo will hand over its web search activities to Microsoft in exchange for a portion of the ad revenue. The transition should take until the end of the year, though some advertising partners may not be moved over until 2011. The deal can’t come too soon: last month’s rankings from comScore show Microsoft’s heavily hyped Bing gaining ground on both Yahoo and Google, accounting for 11.3% of the search market in January 2010.